Summary: MGM Resorts International May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services' corporate credit rating on Las Vegas-based MGM Resorts International reflects its high debt leverage and very thin EBITDA coverage of interest, which likely will preclude any meaningful positive free operating cash flow generation in 2011 or 2012. In addition, while management has completed several capital raises and other actions in recent years, which have alleviated near-term debt maturities, the company's ability to meet the step-up in maturities due 2013 and 2014 relies on substantial growth in cash flow generation and continued access to capital markets. While MGM maintains a leading presence on the Las Vegas Strip, we believe growth prospects are somewhat limited over the near term, given the still weakened state of the economy...

Companies mentioned in this report are:
- MGM Resorts International

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- MGM Resorts International

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